New Street Research - British Telecom (BT) Cityfibre 2025 results Rational support for the whole market

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New Street Research

James Ratzer

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Cityfibre 2025 results Rational support for the whole market

XLast month, Cityfibre reported a sharp acceleration in its net add run rate due to its new deal with Sky – and a clear indication that Sky now intends to put all of its new FTTP customers in Cityfibre’s footprint on the Cityfibre network.

22/01/2026 1 EN

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British Telecom

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

James Ratzer

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Cityfibre 2025 results Rational support for the whole market

BT (Neutral, 220p, +19%) H1 26: Let’s focus on Starlink & Openreach

TalkTalk (Neutral) H1 review – New outlook, new model

Telenor (Neutral, TP: NOK150, +2%) Telenor – exit from Thailand – what next? More Asia sales? Cash returns or M&A?

True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implications for TRUE (and brief thoughts for CelcomDigi)

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